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Gold prices climbed to their highest level in more than two weeks on Wednesday as investors returned to the precious metal amid escalating geopolitical tensions in the Middle East and continued support above the key $4,000-an-ounce level. A slightly weaker U.S. dollar also helped lift bullion, although rising oil prices kept inflation concerns alive.
Spot gold gained 1.3% to close at $4,130.09 per ounce, while U.S. gold futures settled 1.4% higher at $4,134.95 per ounce. Analysts said the latest rebound was fueled by technical buying after gold repeatedly found strong support below the psychologically important $4,000 mark.
David Morrison, senior market analyst at Trade Nation, said the recent recovery began after gold briefly fell below $3,960, its lowest level since early November. Selling pressure faded quickly, allowing buyers to push prices higher. He noted that gold has consistently attracted demand whenever prices dip below $4,000.
Morrison added that while gold has traditionally moved inversely to the U.S. dollar, this week's rally came despite a firmer greenback, suggesting investors are closely watching whether that relationship continues. He also said gold needs a decisive move above $4,200 to confirm a stronger bullish trend rather than a temporary rebound.
Safe-haven demand intensified as the conflict between the United States and Iran entered its eleventh consecutive day. Shipping disruptions in the Strait of Hormuz and renewed threats to the Bab el-Mandeb Strait by Iran-backed Houthi forces heightened concerns over global energy supplies.
President Donald Trump warned that any Iranian attack on vessels in the Strait of Hormuz would trigger U.S. strikes on key Iranian infrastructure. Iran responded by threatening to target regional infrastructure and energy facilities linked to American interests. Meanwhile, Secretary of State Marco Rubio said at the ASEAN summit in the Philippines that Washington remains open to diplomacy, although he questioned Tehran's willingness to negotiate.
The escalating conflict pushed Brent crude briefly above $95 per barrel, reviving fears that higher energy costs could fuel inflation and complicate the Federal Reserve's interest rate outlook.
Elsewhere in precious metals, spot silver rose 1.6% to $59.7265 per ounce, while platinum advanced 1.5% to $1,662.85 per ounce.
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